JKO withdraw from $3bn deal for Playtech

Finance News

Playtech shares slumped 22% today after a possible bid for the gaming company fell through. Eddie Jordan’s JKO Play has withdrawn its US$3bn bid for Playtech.

Playtech said it “continues to seek engagement” with all of its shareholders over the offer from Australian slot machine maker Aristocrat.

“However, a number of material investors have not to date engaged meaningfully about their views on the Aristocrat offer, including certain investors that have disclosed or taken material positions in the company following the announcement of the Aristocrat offer.”

JKO confirmed its withdrawal from the deal on Friday morning in a statement.

“Our team worked tirelessly to assemble a bid that would create value for Playtech’s shareholders and open an exciting new chapter for the business,” Jordan said.

“I’m immensely proud of the energy devoted to this project by our advisory team and partners and of the close relationships we have built. We continue to evaluate a number of opportunities in the gaming and associated technology sectors, where we see exciting growth prospects in a number of international markets,” he added.

Aristocrat said its bid “remains the only firm offer available to Playtech shareholders, despite the substantial amount of time provided to potential bidders to make alternative proposals”.